SOA Exam FM Sample Question 443
Study guide: Exam FM-2
Kelly sets up a savings account and makes a deposit at the beginning of each month starting today. The following information is known about the account:
- i) Within each year, the amounts of monthly deposits are all equal.
- ii) For any given year, the monthly deposits are 10% greater than the monthly deposits of the previous year.
- iii) The savings account earns an annual nominal interest rate of 2.4% compounded monthly.
- iv) The accumulated amount of the savings account at the end of year 10 is 21,234.05.
- v) The amount of the monthly deposit in year 5 is
K.
Calculate K.
- A) 133.02
- B) 144.68
- C) 146.41
- D) 146.70
- E) 147.12
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